JP Morgan Chase to acquire struggling Washington Mutual. I suppose that means I shouldn’t continue to expect 3.75 percent interest on my savings account, should I?
Okay, now the NY Times is saying that WaMu has been “seized” by the FDIC, and its retail banking and “other pieces” sold off to JP Morgan Chase. But…
The Federal Deposit Insurance Corporation issued a statement on Thursday evening promising a seamless transition. “For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks,” said the F.D.I.C. chairman, Sheila C. Bair, adding that for Washington Mutual’s customers, it would be “business as usual come Friday morning.”
I just checked, and I still have access to my account. Not so sure about that sweet interest rate though.
Largest. Bank failure. Ever. (We’re number one!)